Paddy Power Betfair fined after taken cash is bet through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for stopping working to stop stolen money being bet through its site and for stopping working to protect clients revealing signs of issue betting.
The Gambling Commission said the bookie's failings suggested "considerable quantities of taken money streamed through their exchange".
One consumer utilized cash defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had actually strengthened its procedures.
the yohaig code regulator stated Paddy Power Betfair's behaviour was simply not acceptable.
A Betting Commission examination, external likewise found that the yohaig code bookmaker stopped working to properly interact with consumers who were displaying indications of problem betting.
"These failings all come from one easy concept - operators should know their consumer," stated Richard Watson, Gambling Commission executive director.
"If they know their client and ask the right concerns then they position themselves in a strong position to meet their anti-money laundering and social responsibility obligations."
'Very sorry'
As part of the settlement, Paddy Power Betfair will make a ₤ 1.7 m payment to GambleAware, the independent charity that commissions research, education and treatment services to lower gambling-related harm in the UK.
Paddy Power Betfair president Peter Jackson said: "We have a duty to step in when our customers show indications of issue gaming. In these 5 cases our interventions were not efficient and we are extremely sorry that this promotion code happened.
"In the last few years, we have actually invested in an extensive programme of work to enhance our resources and systems in responsible gambling and client defense. We are motivated that the Gambling Commission has identified considerable enhancement given that the time of these cases in 2016."
The commission's query centred on five clients in 2016, including two who were allowed to bet stolen cash - among whom had actually defrauded his company, Birmingham Dogs Home.
Simon Price, who was president of the pets home, and his other half Alayna admitted cheating the charity of ₤ 894,754 to fund his gambling dependency.
Mr Price was jailed for 5 years at the yohaig code end of 2017, while Mrs Price was provided a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the cash will be gone back to the pet dogs home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
